We study the interplay among cooling, heating, conduction, and magnetic fields in gravitationally stratified plasmas using simplified, plane-parallel numerical simulations. Since the physical heating mechanism remains uncertain in massive halos such as groups or clusters, we adopt a simple, observationally-motivated prescription which enforces global thermal equilibrium when averaged over large scales. The plasma remains susceptible to local thermal instability, however, and cooling drives an inward flow of material. In contrast to previous results, we argue that the thermal stability of the plasma is independent of its convective stability. We find that the ratio of the cooling timescale to the dynamical timescale t_cool/t_ff controls the saturation of the thermal instability: when t_cool/t_ff < 1, the plasma develops extended multi-phase structure, whereas when t_cool / t_ff > 1 it does not. (In a companion paper, we show that the criterion for thermal instability in a spherical potential is somewhat less stringent, t_cool / t_ff < 10.) When thermal conduction is anisotropic with respect to the magnetic field, the criterion for multi-phase structure is essentially independent of the thermal conductivity of the plasma. Our criterion for local thermal instability to produce multi-phase structure is an extension of the cold vs. hot accretion modes in galaxy formation that applies at all radii in hot halos, not just to the virial shock. We show that this criterion is consistent with data on multi-phase gas in the ACCEPT sample of clusters; in addition, when t_cool / t_ff > 1, the net cooling rate to low temperatures and the mass flux to small radii are suppressed enough relative to models without heating to be qualitatively consistent with star formation rates and x-ray line emission in groups and clusters.
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